Indian stock market blasted, as robust buying led Sensex cross the psychological mark of 10000, though the market gave up a part of its gains on account of profit booking in late trades. Sensex and Nifty wrapped up the session with gains of 335 and 97 points respectively. Stocks from the mid-cap and small-cap space also ended the day in the green. On the daily chart, Nifty finally gave a breakout from the upper boundary of the triangle. Further, if this breakout is held from the coming session, the rally will extend further. On the hourly chart, as the conservative target of inverted head-and-shoulders pattern is achieved,the market has a high possibility to move up to its aggressive target of 3175. Daily KST, which is in buy mode,is still undisturbed. The market breadth was in the favour of bulls with 696 advances and 510 declines.
The hourly KST is still positive. Our short- and mid-term biases are up for the target of 3150 and 3200 respectively with the short- and mid-term reversal pegged at 2815and 2738 respectively.
Barring realty, all other sectors witnessed buying led by capital goods and metal stocks. From the 30 stocks of Sensex, Tata Motors (up 8%), Larsen & Toubro (up 6%) and Sterlite Industries (up 6%) led the pack of gainers while Ranbaxy Laboratories (down 3%) led the pack of losers.